John W. Rogers launched the first black-owned mutual fund in the United States at the age of 24. He is a value investor focusing on small and medium size companies. Later we will analyze his returns thoroughly. Today Rogers disclosed that he sold 2.6 Million shares of Lee Enterprises (LEE). Just a month ago the stock was trading above $3. Today it closed at $1.11. Rogers sold his shares at the end of April when the stock was trading around $1.50.
At the end of December, Ariel Investments owned 7.4 Million shares. Jim Simons’ Renaissance had 94 thousand shares in its portfolio as well.
Here is Lee Enterprises’ profile from Yahoo Finance:
Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. The company publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. It also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, the company offers commercial printing services. It has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!s HotJobs national platform. The company was founded in 1890 and is based in Davenport, Iowa.